Microsoft Accelerator Programme Backed by Abu Dhabi Investment Office Graduates Third Batch of Start-Ups

GrowthX, the Microsoft-backed start-up accelerator programme supported by the Abu Dhabi Investment Office (Adio), has announced the successful graduation of its third batch of companies. The initiative aims to help start-ups achieve scalability and grow their impact in their chosen fields. The third batch of 12 successful start-ups will now work with Masdar City, Abu Dhabi’s sustainable research and development hub, in obtaining licenses and establishing their operations in the UAE capital. Masdar City teamed up with Microsoft last week to become a partner of GrowthX.

The companies come from the Middle East, Turkey, and Pakistan, where they are developing effective solutions in key areas such as fintech, education, e-commerce, human resources, and insurance. The rapid pace of digital transformation has presented an opportunity to continually find new solutions to longstanding global challenges, said Abu Dhabi Investment Office’s acting director general, Abdulla Al Shamsi. “We look forward to witnessing how they leverage the tools gained to accelerate their growth and enhance the regional start-up landscape,” he added.

Start-ups are known for their key roles in a digital economy, which is why the UAE government launched several initiatives aimed at supporting their growth. Abu Dhabi is continually enhancing its start-up environment and banking on technology to drive economic growth and inclusion across all sectors. Fortunately, the emirate’s technology push has attracted various global companies’ support, such as Google, which also has an accelerator operational in the country.

According to the data platform Magnitt, start-ups across the Middle East, Africa, Pakistan, and Turkey (MEAPT) raised $7.2 billion through 1,473 deals last year, despite macroeconomic and geopolitical uncertainty. Funding for MENA start-ups alone crossed the $3 billion mark last year, which marks an 8.3% increase annually in the research indicated. FinTech led both funding and deal-making in the MEAPT region, with the sector’s funding reaching $2.25 billion across 351 deals in 2022. In October, the UAE Ministry of Economy launched its updated Entrepreneurial Nation programme, seeking to develop over 8,000 small and medium enterprises and start-ups by 2030.